Common Mistakes Made by Young Businesses

Mills Knows Bills

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

In episode 22, Mills welcomes "coffee-preneur" Eric Rowell of Grit and Grind Coffee, a mobile coffee company. The pair discuss common financial mistakes made by new business owners, including the importance of having a financial game plan, accurate bookkeeping, savings, and obtaining a line of credit. Eric shares his journey from real estate to owning several coffee trailers and brick-and-mortar stores, eventually franchising his business. They also cover strategies for optimizing business finances and the potential benefits of outsourcing bookkeeping duties, and more.

Get helpful tips and actionable advice to help you manage and grow your own business.

To connect with Eric:

https://gritandgrind.coffee

Do you have your own burning financial question for Mills? Contact her here:

Email: [e-mail]

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

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00:00 Introduction to Mills Knows Bills

00:28 Podcast Format and Goals

01:14 Introducing the Guest: Eric Rowell

01:30 Eric's Journey in the Coffee Industry

02:05 Eric's Burning Financial Question

02:58 Common Financial Mistakes by Entrepreneurs

03:41 The Importance of Bookkeeping

04:29 Building Savings and Emergency Funds

05:36 Getting a Line of Credit

06:42 Eric's Experience and Challenges

08:29 Outsourcing Bookkeeping

14:15 Grit and Grind: Business Model and Expansion

16:43 Conclusion and Contact Information

Link to video podcast episode on YouTube: https://youtu.be/0NMrjJJFqy8

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